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Old 07-09-2013, 02:57 AM
 
17,686 posts, read 17,231,469 times
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Not that any of us here are anywhere near Gandofini's wealth but it really drives home the importance having competent estate planning, especially if you have a spouse and kids.

"The late 'Sopranos' star's will is 'a disaster' that could see over $30 million of his estimated $70 million estate go to the government, top estate lawyer William Zabel told the Daily News."


James Gandolfini will a tax 'disaster,' says top estate lawyer - NY Daily News
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Old 07-09-2013, 03:02 AM
 
1,160 posts, read 1,320,013 times
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Yes. A reminder for all of us that we should have our affairs in order. We are not guaranteed even the next breath.
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Old 07-09-2013, 04:27 AM
 
Location: :0)1 CORINTHIANS,13*"KYRIE, ELEISON"*"CHRISTE ELEISON"
2,945 posts, read 5,627,101 times
Reputation: 5432
Lightbulb Thanks for the thread.

Quote:
Originally Posted by doc1 View Post
Not that any of us here are anywhere near Gandofini's wealth but it really drives home the importance having competent estate planning, especially if you have a spouse and kids.

"The late 'Sopranos' star's will is 'a disaster' that could see over $30 million of his estimated $70 million estate go to the government, top estate lawyer William Zabel told the Daily News."


James Gandolfini will a tax 'disaster,' says top estate lawyer - NY Daily News

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Old 07-09-2013, 06:21 AM
 
Location: Savannah GA/Lk Hopatcong NJ
13,178 posts, read 26,707,902 times
Reputation: 11387
That money has already been taxed..this is just obscene in every aspect....freakin government
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Old 07-09-2013, 09:55 AM
 
Location: Lakewood, NJ
1,171 posts, read 2,509,323 times
Reputation: 763

What should have been done differently to avoid this? That would be helpful information that the article should have printed.
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Old 07-09-2013, 10:39 AM
 
Location: Epping,NH
2,105 posts, read 6,237,301 times
Reputation: 1085
Sounds like the lawyer is trolling for new clients. He already stated they have options to avoid the taxes.
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Old 07-09-2013, 01:09 PM
 
1,319 posts, read 3,984,267 times
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This is gimmick article. Federal Estate tax exemption is set at $5.25 mil for 2013 with index for inflation. Anything beyond that is taxed up to top rate of 40%. Most of us unfortunately I don't think will be leaving behind more than 5.25 mil.

In another words, its rich folks problems and in case of Mr. Gandolfini, he didn't plan for ahead of time properly.

Also, there are many ways folks can minimize it. Same for average Joes too but uhh most of us won't be leaving beyond 5.2.5 mil to someone so its not as big deal to us but still worthwhile thing to look into.

There are many ways to minimize taxes such as transferring non-exempt amount to spouse "portability" and that's tax free but more of putting off the proper planning since eventually when the spouse will die as well. Plus there are other tax manuvers such as setting up trusts, annual tax free gifting, putting money in 529 plan, paying out medical/education expenses, charity donations and you can setup charity gift fund, etc.

And this is the exact problem with our tax system, it's frigging complicated and those who know by self studying or afford an expert can use the system to their best interest. If you don't, you just get screwed. Plus concept of progressive tax to pitch in more for those who can't help themselves are long gone. Just as people who can't help themselves have turned to milking the system instead of actually trying and using those system to help better themselves. Quite a sad state of affairs.
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Old 07-09-2013, 01:15 PM
 
2,535 posts, read 6,166,085 times
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Quote:
Originally Posted by babo111 View Post
This is gimmick article.
Agreed. It's also a gimmick article because the estate will not end up paying close to the projected figures. There are so many loopholes in the tax code that the lawyer the family will hire will easily reduce the liability post mortem.

Estate planning is much more important for us mere financial mortals since we can't afford to pay the massive legal fees associated with successfully gaming the system.
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Old 07-09-2013, 02:41 PM
 
Location: West Orange, NJ
12,545 posts, read 20,045,013 times
Reputation: 3722
Quote:
Originally Posted by doc1 View Post
Not that any of us here are anywhere near Gandofini's wealth but it really drives home the importance having competent estate planning, especially if you have a spouse and kids.

"The late 'Sopranos' star's will is 'a disaster' that could see over $30 million of his estimated $70 million estate go to the government, top estate lawyer William Zabel told the Daily News."


James Gandolfini will a tax 'disaster,' says top estate lawyer - NY Daily News
all this proves is he didn't use high-cost accountants and tax attorneys to figure out how to hold on to every last dollar. wise? probably not, since it's all legal, but problems most of us will never, ever, ever face.
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Old 07-09-2013, 02:43 PM
 
Location: West Orange, NJ
12,545 posts, read 20,045,013 times
Reputation: 3722
Quote:
Originally Posted by njkate View Post
That money has already been taxed..this is just obscene in every aspect....freakin government
well, all money has already been taxed....so?
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